M.Phil. (Mineral Economics) / This work is an attempt to discover whether or not South Africa's gold reserves have been properly exploited - has the wealth that has been removed been used to the best advantage. It became apparent to the author whilst conducting feasibility studies on both projected and operating mines that scant attention is paid to the determination of an optimal time path of depletion for a mineral deposit by the planners. The main, if not sole, criterion is the maximising of returns on the capital invested. The thesis proposes a methodology to describe the actual depletion paths achieved by a selection of South African gold mines. The work of mineral economists, especially Harold Hotelling, is used to provide a theoretical base for the. proposals. The mines were selected to cover as wide a range of the exploitation cycle as possible from the planning stage to final abandonment.